El Salvador Calls Another Bitcoin Dip With 150 BTC Purchase

Bitcoin has now become part of El Salvador’s daily life following the official implementation of the cryptocurrency as a legal tender. El Salvador’s government made a promise to buy bitcoins, and they have kept their end of it. The country now calls for bitcoins whenever the BTC price drops and will purchase significant amounts of Bitcoin.

El Salvador purchased bitcoin worth millions in multiple transactions over the last few months. It had bought 100 bitcoins in the bitcoin dip. El Salvador took the opportunity this time to expand its BTC holdings by adding 150 coins.

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El Salvador Calls The Dip

El Salvador has increased the size of its bitcoin bet just weeks after making its previous purchase. This country has taken advantage the present opportunity to take advantage of the falling value of bitcoin. A large part of the market fears that there will be a bearish market. However, El Salvador is doing the exact opposite. It has made BTC purchases.

Again, President Nayib Bukele took to Twitter on Saturday to share the news of his purchase. Bukele informed his Twitter audience of 3.2 million that the country purchased the dip. 150 coins were bought at an average cost $48,670. This brings the total loot amount to $7.3 million.

Bitcoin price chart from TradingView.com

 Source : BTCUSD On TradingView.com| Source: BTCUSD on TradingView.com

Bitcoin in the Green

Although the move on President Nayib Bukele’s part is praised by many in the bitcoin space, not everyone has been happy with the purchases. There has been a lot of criticism regarding El Salvador’s decision to invest in BTC on a national scale but this has rolled off of Bukele like water off a camel’s back.

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Responding to a comment saying that the president was wasting taxpayers’ money on a digital asset that was set to suffer more dips, Bukele explained that the BTC the country has purchased so far has remained in profit. Bukele made a comparison between the BTC held by the US and its gold reserves. The latter are down 0.3% from one year ago, while bitcoin’s green remains.

El Salvador currently holds 1,370 BTC after its recent 150 Bitcoin purchase.

Featured image taken by Anadolu Agency. Chart courtesy of TradingView.com

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